Cramer: WTI Could Drop To $40s In ‘Ferocious’ Bear Market

WTI Crude prices could drop into the $40s, with the U.S. oil benchmark in a ‘ferocious’ bear market, analyst and CNBC host Jim Cramer said on Thursday. WTI Crude prices slipped on Thursday by more than 20 percent from the four-year high hit just last month, entering bear market territory , as oil production in the United States continues to grow, Russia and Saudi Arabia put a lot more oil on the market, while the global economy and oil demand growth are starting to show signs of slowdown. At 11:47 a.m. CDT on Thursday, WTI Crude was down 0.73 percent at $61.22. Brent Crude was also down, 0.86 percent at $71.45. On October 3, WTI Crude prices hit $76.41, when the market was gripped by fear that much more Iranian oil than initially thought would come off the market due to the U.S. sanctions on Tehran. The most vital […]